Good signs after ‘five of the toughest months in 15 years’
Two Yarraville period homes sold for more than $1 million in the space of a few hours.
The properties at 31 Frederick St and 6 Berry St, down the road from each other, were scheduled to go under the hammer at 11:30am and 12:30pm respectively on April 27.
The first home, which dates back to 1915, sold to a local couple for $1.466 million, while the circa-1905 Berry St Victorian went to an investor for $1.08 million.
Biggin & Scott Yarraville Agent Tristan Tomasino sold both homes and said the sales were a sign the market was bouncing back after “five of the toughest months I have had in 15 years of real estate”.
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“Two local couples fought over 31 Frederick St, which sold for about $60,000 above reserve,” Mr Tomasino said.
“Bidding started at $1.3 million, the two groups went back and forth until the property sold for 1.466 million.
“The family aspect, separate retreat room and gorgeous streetscape were huge selling points and when you put all of it together a property like this would always do well.”
The double-storey and double-fronted weatherboard features three bedrooms and a bathroom at the front.
The open-plan kitchen, dining and living room, which opens to the outdoor entertainment area, is at the rear.
Upstairs is the fourth bedroom and a versatile retreat, while amenities include plantation shutters, vintage fireplaces, timber floorboards, storage and a wine rack which holds over 200 bottles.
Mr Tomasino said the vendors were moving overseas for work.
“They bought the property under three years ago for $1.32 million and, given how the market is doing, they were ecstatic with the result,” Mr Tomasino said.
About 600m away, 6 Berry St sold straight after the Frederick St auction.
Mr Tomasino said it was one of the best single-fronted homes he had sold in a few years.
“It is on about 300sq m, near the popular Yarraville Gardens and has a lane at the rear with a double garage.”
“To have all that plus a backyard, three bedrooms and two living areas made it a really desirable property.”
Bidding between an investor and buyer’s advocate started at $1.03 million, escalated to $1.075 million and the investor negotiated to $1.08 million.
Mr Tomasino said the buyer would lease the property.
“It was a really good purchase given the location and amenities,” he said.
“The vendors owned it for six years and didn’t do any major work or renovations.
“But, for them, it was the right time to sell.”
Mr Tomasino said the value of homes in the inner west were still strong.
“I have only ever worked and lived in Yarraville and the last few months were tough,” he said.
“People weren’t buying or putting in offers but, since mid to late March, it has been fantastic.
“Buyers have adjusted to what they need to do in terms of financing, and are becoming more organised.
“They don’t think prices will drop off any further.”
No. 6 Berry St last sold for $740,000 in November 2013, according to CoreLogic.
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